February 22, 2017

SourceHOV will combine with Novitex and Quinpario to form Exela Technologies and will raise $1.35 billion in financing.

On February 21, Willkie client SourceHOV Holdings, Inc., Novitex Holdings, Inc. and Quinpario Acquisition Corp. 2, a publicly traded special purpose acquisition company, announced that they will combine to create Exela Technologies, a leading industry-solutions provider for financial technology and business services, delivering mission-critical, technology-enabled multichannel information services to more than 3,500 blue-chip customers in 55 countries. The transaction, which is expected to close during the second quarter of 2017, is valued at approximately $2.8 billion.

Committed financing for the transaction is provided by Royal Bank of Canada and Credit Suisse.

SourceHOV is majority-owned by HandsOn Global Management, LLC and affiliates, and provides Transaction Processing Solutions (TPS) and Enterprise Information Management (EIM) solutions.

Novitex, a North American provider of technology-driven managed services, is owned by certain funds managed by affiliates of Apollo Global Management, LLC.

The Willkie deal team was led by partners Maurice Lefkort and Sean Ewen and included partners Jordan Messinger, Christopher Peters, Michael Zinder, Joshua Deason and Jon Lyman; counsel Jonathan Konoff; associates Erin Kinney, Rose Ohanesian, Jonathan Ross, Ginger Ellison, Rachel Dooley, Jennifer Coffey and William Halaby.